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Vanguard 403(B)(7)

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Aspire was on the list of available companies for my wife's 403b. I sent the paperwork into Aspire and opened and account using a Vanguard Retirement Date fund and was ready to go. We filled out the schools paperwork and sent it to the business office. We were glad to get her 403b started back up and also reduce our taxable income.

 

Well the business office called yesterday and said we couldn't use Aspire. They're on the list but 10 people haven't signed up for it yet so it is not authorized until they have 10 customers. Ughhhh!! Why put it on the list. I know one of the other money management companies says you can use Vanguard with them but I looked over their paperwork and they charge 5.25% up front and an addidtional 1% a year!

 

I guess it's back to investing in a taxable account, I sure don't want to pay those fees.

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If I was in your shoes I would get ten people to sign on. How hard can it be? The insurance reps sign up that many up in an hour. If you have a third party administrator why does signing up with Aspire require a minimum of ten? Whats the logic. We used to have that rule but when the new regs came into play that minimum didn't apply anymore. I would check it out to make sure they have that right.

 

Tony

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If I was in your shoes I would get ten people to sign on. How hard can it be? The insurance reps sign up that many up in an hour. If you have a third party administrator why does signing up with Aspire require a minimum of ten? Whats the logic. We used to have that rule but when the new regs came into play that minimum didn't apply anymore. I would check it out to make sure they have that right.

 

Tony

 

 

Thanks. I spoke with the school districts business manager who said 10 were required. I then sent Employer Admin Services, the TPA, an email asking about this and got a short reply back that wasn't much help. Maybe I should call the TPA and see if I can get an answer. I'll do some more digging.

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Keep us informed. The answer is out there somewhere. I still think you can get in. Call aspire. Its just amazing the obstacles they put in front of us . It should be just the opposite.

 

 

Tony

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